Did anyone see that coming?

Last thing we knew, President Biden’s “Build Back Better” plan had been relegated to the list of bold plans that never happened, which is a long one in Washington. In trying to fix seemingly everything — the climate, the need for affordable childcare and universal pre-school, expanding affordable housing, assuring free community college, reducing drug costs — BBB got too expensive and unwieldly, failing to win the necessary support of Democratic moderates in the 50-50 split Senate

We are talking about you, Senators Joe Manchin and Kyrsten Sinema.

Even when progressives pared down the proposal — a lot — Manchin of West Virginia remained a “no,” much to the anger of his fellow Democrats, some who saw him as a DINO (Democrat in name only).

Biden’s big agenda appeared quite dead, adding to the dread Democrats face going into the 2022 congressional election.

Then it happened. Manchin and Senate Majority Leader Chuck Schumer, Democrat of New York, announced they had a deal. And, in large part, it is a good one.

It has two key elements — combatting climate change and reducing the cost of medicines for the Medicare system and for the patients it insures.

The name is politically convenient — the Inflation Reduction Act of 2022 — and a bit of a stretch. If the corporate taxes it envisions do indeed curb deficit growth, that could reduce inflationary pressures. But that outcome is not assured and years away. Corporations have a way of avoiding taxes, such as the 15% minimum corporate tax contained in the bill, including by moving assets to offshore tax havens.

But while Democrats are overselling inflation reduction, this proposal is a big deal and Democrats would be wise to polish it up and get it passed before they answer to voters in November.

The proposal includes $70 billion in grants and tax credits to accelerate production in the renewable energy industry — solar panels, wind turbines, and development of the batteries to harness that energy to use when needed.

There is $27 billion to create a “green bank,” financing clean-energy projects, particularly in poor communities and for unused brownfields. This approach has worked in Connecticut and other states.

There is $20 billion to help farms manage methane emissions that come from livestock, a significant source of greenhouse emissions.

The bill includes rebates and tax credits to make it more affordable for homeowners to make their homes energy efficient and to use climate-friendly technologies such as heat pumps and solar panels.

It extends the tax credit of up to $7,500 for buying new electric vehicles, while adding a credit of $4,000 to buy used electric vehicles. Caps would make this a middle-class tax benefit. The rich don’t need help to buy Teslas.

These, and other provisions, would show the United States is serious about reducing greenhouse gas emissions and reducing the dangerous temperature increases scientists are warning about and that are already increasing the size and frequency of natural disasters.

The legislation and the incentives it provides would have the added benefit of generating economic growth by encouraging new and expanding industries.

The second element of the bill, controlling Medicare drug costs, would be a historic piece of legislation even if standing alone.

It would cap out-of-pocket costs for Part D prescription drugs, a first. All vaccines would become free under Medicare. Premium increases would be capped at 6% annually.

The biggest change would allow the Health and Human Services secretary to negotiate the prices of 10 high-cost prescription drugs. The negotiated prices would not go into effect until 2026. That is too long to wait, while placing a limit at 10 is too low. But adjusting the bill could lose needed support. The number of drugs whose prices could be negotiated would grow to 20 by 2029.

The Congressional Budget Office estimates the changes would save the Medicare program $288 billion over 10 years.

To avoid a filibuster that would allow Republicans to block the bill, Democrats are using a procedure called reconciliation. An adverse ruling by the Senate parliamentarian would gum up the works.

Democrats must figure out a way to avoid that outcome. Pass this ambitious bill, then make it the cornerstone of the 2022 election.